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XAU/USD Plunges Over 6%; $4,100 Level in Focus
BondsInterest RatesInflation
Gold prices remained under pressure during early trading on Tuesday, with XAU/USD slipping 0.22% to around $4,123 since the opening of the Asian session. In the previous session, the metal slumped more than 6%, falling from approximately $4,384 to a low of $4,110. This movement marked a peak-to-trough decline of about 6.24% during the session. US Bond Yields and Oil Prices Weigh on Gold Selling pressure on gold has been driven by rising US Treasury yields and expectations of higher Federal Reserve interest rates. This environment increases the opportunity cost of holding gold, an asset that yields no return. The 10-year US Treasury yield hit its highest level since June 2007 before paring gains. Meanwhile, rising oil prices have heightened inflation concerns, as higher energy costs could put upward pressure on the prices of goods and services. The combination of high bond yields and rising oil prices continues to weigh on gold. Higher oil prices have also brought inflation risks back to the forefront of market attention.
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